Introduction
I’m a 29 year old male living in the US in the Central Time zone (GMT -6:00). I’m relatively new to FX and wanted to start a journal to see if it is beneficial. I have a good paying full time job that I actually like (how many people can say that?), and have no inclination to make trading a full time endeavor, but maybe someday down the road. Since I don’t have a lot of time to spend in front of the charts, I will be trading on daily time frames. I’m happy with slowly but surely and some profit each month is better than none. Not really concerned with how slow as long as I’m gaining. My goals are to build my account without taking any profits. When the gains are more than I am making at my full time job, then maybe I will thinking about “retiring” and trading full time. My plan is to demo on FXCM micro for 3 months and then go live at the beginning of 2011. I guess taxes will be easier starting in January? I don’t know anything about how taxes play into FX.
Method
I like the way the EURUSD trends, so that will by my currency of choice. I also like simple trading without indicators, so I will trade the 123 method. I learned about it from Feb in The System II thread, but will be applying it to the daily timeframe because of less noise and I’ll trade with the trend. My TP will be 100 pips and my SL will be the low/high of the candle I open the trade on for 2 days, then on the third day, I’ll move my SL to the low/high of the candle before it, and so on. So, I’ll close the trade if there is a lower low for buying, and higher high for selling. Three or more candles in the same direction will establish a trend or trend change. At least one candle in the opposite direction will define the retrace. With this method, there aren’t many setups a month. Maybe 3-5.
Comments and feedback welcomed.
2010
October - +200
November - +100
December - ?
2011 – Live
June - 0 (2 trades, +100, -100)
July - -86 (1 trade, -86)
August - 0 (0 trades)
September - +100 (1 trade, +100)
October - 0 (0 trades)
I’m a 29 year old male living in the US in the Central Time zone (GMT -6:00). I’m relatively new to FX and wanted to start a journal to see if it is beneficial. I have a good paying full time job that I actually like (how many people can say that?), and have no inclination to make trading a full time endeavor, but maybe someday down the road. Since I don’t have a lot of time to spend in front of the charts, I will be trading on daily time frames. I’m happy with slowly but surely and some profit each month is better than none. Not really concerned with how slow as long as I’m gaining. My goals are to build my account without taking any profits. When the gains are more than I am making at my full time job, then maybe I will thinking about “retiring” and trading full time. My plan is to demo on FXCM micro for 3 months and then go live at the beginning of 2011. I guess taxes will be easier starting in January? I don’t know anything about how taxes play into FX.
Method
I like the way the EURUSD trends, so that will by my currency of choice. I also like simple trading without indicators, so I will trade the 123 method. I learned about it from Feb in The System II thread, but will be applying it to the daily timeframe because of less noise and I’ll trade with the trend. My TP will be 100 pips and my SL will be the low/high of the candle I open the trade on for 2 days, then on the third day, I’ll move my SL to the low/high of the candle before it, and so on. So, I’ll close the trade if there is a lower low for buying, and higher high for selling. Three or more candles in the same direction will establish a trend or trend change. At least one candle in the opposite direction will define the retrace. With this method, there aren’t many setups a month. Maybe 3-5.
Comments and feedback welcomed.
2010
October - +200
November - +100
December - ?
2011 – Live
June - 0 (2 trades, +100, -100)
July - -86 (1 trade, -86)
August - 0 (0 trades)
September - +100 (1 trade, +100)
October - 0 (0 trades)